FY-2011 Results Jacques Aschenbroich CEO February 22, 2012
Highlights February 22, 2012 I 2
Highlights FY-11 OE Sales growth higher than production in the main regions and in each of our businesses Sales 10.9 bn up 13% New geographic and customer positioning towards Asia Successful integration of Niles Order intake at record level 14.9 bn up 27% CAGR since 2009 Net income up 17% and operating margin at 6.5% of sales Operating margin(1) of 704 m, or 6.5% of sales Net income of 427 m, or 3.9% of sales Earnings per share of 5.67 up 17% February 22, 2012 I 3
Highlights FY-11 Free cash flow generation of 232 m Despite higher capex requirements in H2 to sustain strong order intake Second successive year of ROCE(2) > 30% Strong balance-sheet with net debt(7) at 523 m as of Dec. 31, 2011 Dividend of 1.40 per share up 17% to be proposed at the next AGM February 22, 2012 I 4
Record order intake at 14.9 billion +27% CAGR since 2009 H2 CAGR +27% H1 bn 14.9 12.5 9.7 10.0 10.1 9.2 6.0 7.2 7.7 4.9 4.9 5.0 3.4 6.1 4.3 4.8 5.1 5.1 3.1 6.5 7.7 2005 2006 2007 2008 2009 2010 2011 February 22, 2012 I 5
Break even point under strict control lowered by 12pts since 2007 % sales 88% 91% 95% 79% 76% 75% 2007 2008 2009 2010 2011 2015 In line with strategic plan February 22, 2012 I 6
Sustainability of margins at a higher level Operating margin(1) M and % of sales Net income M and % of sales 750 700 6.4% 7,0% 6.5% 650 600 704 6,0% 550 500 617 5,0% 450 400 3.8% 350 300 250 200 150 100 50 0 374 3.4% 3.6% 320 346 2.7% 230 1.8% 133 4,0% 3,0% 2,0% 1,0% 0,4 0,2 0 1.4% 1.7% 142 161 0.8% 81 3.8% 365 427 4,0% 3.9% 2,0% 0,0% -50-100 2005 2006 2007 2008 2009 2010 2011 0,0% 2005 2006 2007 2008 2009 2010 2011-153 -207-0,2-2,0% -2.4% -2.0% -0,4-4,0% -0,6-6,0% February 22, 2012 I 7
Guidance 2012 outlook Based on: - 3% and 4% growth in global automotive production - Despite a 5% decline in European production - RM prices at current levels OE sales growing faster than production in the main regions 2012 operating margin level (in million euros) in the same magnitude of the prior year 2015 growth targets on track 78% OE sales target already booked February 22, 2012 I 8
OE sales growth higher than production in the main regions and in each of our businesses February 22, 2012 I 9
Total sales 10.9 bn, up 13% H2-11 + 14%, Q4-11 + 15% Total sales M 5,534 263 +14% Total sales M +13% 10,868 263 4,845 5,271 Perimeter +5.2% Currencies -0.8% Like-for-like +10% H2-10 H2-11 9,632 10,605 Successful integration of Niles Contribution 227 m Perimeter -+2.4% Currencies -0.7% Like-for-like +11% FY-10 FY-11 Change of perimeter February 22, 2012 I 10
Strong performance of sales +13% Strong performance of OE sales and contribution of Niles In M and YoY variation H2-10 H2-11 like-for-like FY-10 FY-11 like-for-like 3,995 82% 4,697 85% +18% +12% Original Equipment 7,952 83% % of sales 9,207 85% +16% +13% 723 15% 693 13% -4% -2% Aftermarket % of sales 1,445 15% 1,412 13% -2% +1% 127 3% 144 3% +13% +12% Miscellaneous % of sales 235 2% 249 2% +6% +6% 4,845 5,534 +14%* +10% Sales 9,632 10,868 +13%* +11% *Perimeter : +6.2%, currencies + 0.2% *Perimeter : +4.5%, currencies -0.8% February 22, 2012 I 11
OE sales up 16%, higher than production Improvement of product mix, market share gains in Asia OE sales M 7,952 +16% 9,207 244 OE sales M 3,995 9,632 +18% Perimeter +6.3% Currencies -0.7% Like-for-like +12% 4,697 10,868 244 4,453 H2-10 H2-11 8,938 Perimeter +3.2% Currencies -0.7% Like-for-like +13% FY-10 FY-11 Change of perimeter February 22, 2012 I 12
OE sales growth higher than production for 9 quarters in a row OE Sales on a like-for-like basis vs automotive production (million of vehicles) Q4-09 Q1-10 Q2-10 Q3-10 Q4-10 Q1-11 Q2-11 Q3-11 Q4-11 Production* +22% +51% +31% +15% +9% +7% -1% +6% +3% Valeo** +29% +51% +32% +17% +14% +17% +12% +14% +10% * Light vehicle production JD Power estimates **At same perimeter and exchange rates Valeo performance vs light vehicle production (in pts) 7 Japan impact 5 10 13 8 7 0 1 2 Q4-09 Q1-10 Q2-10 Q3-10 Q4-10 Q1-11 Q2-11 Q3-11 Q4-11 February 22, 2012 I 13
OE sales growth higher than production in the main regions and in each of our businesses North America Production +10% 15% of Valeo sales Outperform +21pts* Europe Production +7% 56% of Valeo sales Outperform +5pts* World Production +4% Outperform +9pts* South America Production +4% Underperform -3pts* Asia Production +0% 22% of Valeo sales Outperform +10pts* 7% of Valeo sales H2 Asia Europe North America South America Total Production +3% +5% +11% -1% +5% * At same perimeter and exchange rates Outperformance* +13 pts +4 pts +14 pts -1 pt +7 pts February 22, 2012 I 14
Asian OE sales growth higher than production Market share gains Asia Production +0% Outperform +10pts* Outperform +2pts* 22% of Valeo sales Japan Outperform +14pts* India Production +10% Outperform +12pts* 4% of Valeo sales China Production +3% Outperform +14pts* 37% of Valeo sales Korea Production +9% 22% of Valeo sales Production -12% 29% of Valeo sales H2 China India Japan Korea Total Production +2% 0% +6% +9% +3% * At same perimeter and exchange rates Outperformance* +21 pts +7 pts -2 pts +13 pts +13 pts February 22, 2012 I 15
New geographical positioning: Asia 25% of OE sales H2 representative of Valeo new profile after Niles & Japan recovery % of OE sales 6% 14% 13% 15% 7% 22% 67% 56% FY 2007 FY 2011 7% 15% 25% 53% Asia North America Europe & Africa South America H2 2011 February 22, 2012 I 16
Reinforcement of our future positioning on the most promising markets as Asia & emerging countries Asia at 30% of 2011 order intake Emerging countries are pulling growth 2011 OE sales 2011 order intake Nafta 15% Asia South 22% America 7% 9.2bn Europe 56% Nafta 12% South America 7% 14.9bn Europe 52% Asia 29% 1.4 Order intake in bn (BRIC + Turkey + Asean) 2.6 4.2 28% of total orders 2009 2010 2011 2011 R&D recruitment by region More than 1,000 R&D engineers hired in 2011 Nafta 9% South America 4% Europe 48% Asia 39% February 22, 2012 I 17
OE sales growth higher than production in each of our businesses and in the main production regions Powertrain OE Sales +19% Stop-Start contributing up to 4pts to BG outperformance Sales: 3,126 m (+16%)* 29% of Valeo sales Visibility OE Sales +12% Innovative lightings : : contributing up to 8pts to BG outperformance Outperform +15pts Outperform +8pts Worldwide production (YoY) +4% Comfort & Driving Assistance OE Sales +29% (Like-for-like + 14%) Low speed manoeuvring contributing up to 6 pts to BG outperformance Sales: 2,157 m (+13%)* 20% of Valeo sales Thermal OE Sales +9% Charge Air Cooler contributing up to 1pt to BG outperformance Outperform +10pts Outperform +5pts Sales: 2,549 m (+9%)* 23% of Valeo sales Sales: 3,140 m (+7%)* 28% of Valeo sales * At same perimeter and exchange rate ** JD Power light vehicle production estimates February 22, 2012 I 18
Powertrain Systems Strong growth potential Double dry clutch Reduced fuel consumption vs manual clutch Powertrain outperformance +15pts Order intake - Transmission Product value X10 times Major OEMs in Europe, Asia & Nafta 2011 sales 2010 OI 2011 OI OE Sales DCT order intake Other order intake Positioning of Valeo Transmission N 1: LuK N 2: Valeo (15% market share) N 3: Sachs February 22, 2012 I 19
Comfort & Driving Assistance Systems Strong growth potential Low speed maneuvering 18% CAGR For more comfort at low speed Volume of park-assist systems ultrasonic sensors (in million units): Comfort & Driving Assistance outperformance +10pts Increasing take-rate of parkassist systems Valeo innovation with Park4U systems, 360Vue and leading technologies based on cameras, radars and laser scanners 2010 2011 2012 2013 2014 2015 Positioning of Driving assistance N 1: Valeo (28% market share) N 2: Bosch N 3: Panasonic February 22, 2012 I 20
Visibility Systems Strong growth potential LED -70% electricity cons. vs standard lighting Visibility outperformance +8pts Order intake - Visibility Increased value vs standard lighting Higher expected take-rate vs Xenon premium lighting 2011 sales 2010 OI 2011 OI Positioning of Valeo Lighting Total order intake LED order intake N 1: Koito N 2: Valeo (19% market share) N 3: Automotive Lighting OE Sales February 22, 2012 I 21
Thermal Systems Strong growth potential Air management cooling Reducing CO 2 emissions Thermal outperformance +5pts Order intake - Powertrain Thermal Order intake > 2x OE sales two years in a row Air management cooling growth driven by turbo take rate 2011 sales 2010 OI 2011 OI OE Sales Other order intake Air management Positioning of Valeo Thermal Systems N 1: Denso N 2: Valeo (11% market share) N 3: Visteon/Halla February 22, 2012 I 22
New customer positioning with Asian customers on a par with German customers at 29% of OE sales % of OE sales 17% 14% 24% 17% 9% 29% 25% 20% 20% 25% FY 2007 FY 2011 7% 17% 29% 18% German Asian (incl. Nissan) 29% French (excl. Nissan) American Others H2 2011 February 22, 2012 I 23
Net income up 17% and operating margin(1) at 6.5% of sales February 22, 2012 I 24
Increase of operating margin(1) at 6.5% of sales thanks to fixed costs reduction -1.3pt +0.6pt +0.5pt 6.7% 6.5% Walkdown H2-10 Gross margin R&D SG&A H2-11 -1.0pt +0.5pt +0.4pt +0.6pt +0.7pt 6.4% 6.5% despite raw materials, temporary capacity shortages, Japan & Thailand FY-10 Gross margin R&D SG&A FY-11 February 22, 2012 I 25
Gross margin mainly impacted by increase in RM prices, temporary capacity shortages, Japanese earthquake and flood in Thailand +0.9pt -1.3pt -0.9pt 18.1% 16.8% Walkdown H2-10 Volume Net raw material Others H2-11 H2-10 Volume increasenet raw material impact Others H2-11 increase impact +1.1pt -1.6pt -0.5pt 18.0% 17.0% FY-10 Volume increase Net raw material impact Others FY-11 February 22, 2012 I 26
Operating margin(1) increase to 6.5% of sales despite 1.6pt impact from RM headwind 2000 1900 Aluminum /T 8000 7500 7000 Copper /T 1800 6500 1700 6000 1600 5500 5000 1500 4500 1400 4000 2010 2011 2010 2011 FY-11 % of consumption H1-10 / H1-11 Gross impact - % H2-10 / H2-11 FY-10 / FY-11 40% LME* +22% +8% +15% 34% Steel +20% +9% +14% 22% Plastic +8% +14% +11% 4% Rare earth +170% +525% +350% 100% Total +19% +14% +17% Net impact FY-10/FY-11-1.6pt *of which copper 50%, aluminum 44% and zinc 6% February 22, 2012 I 27
Net R&D at 561 m to sustain strong order intake % of sales -0.4pt 5.6% 5.2% M +4% 537 561 FY-10 FY-11 FY-10 FY-11 February 22, 2012 I 28
Lean organization is delivering SG&A stable while sales increasing by 13% M -1% 581 578 Selling Selling Expenses Expenses 171 181 Admin. Expenses Admin. Expenses % of sales 410 397 405 FY-10 FY-11 6.0% 1.8% -0.7pt 5.3% 1.7% 4.2% 3.6% FY-10 FY-11 February 22, 2012 I 29
Net income of 427 m, up 17% EPS of 5.67 H2-10 H2-11 FY-10 FY-11 4,845 5,534 +14% Total sales (M ) 9,632 10,868 +13% 325 6.7% 4 0.1% 329 6.8% 359 6.5% 1 0.0% 360 6.5% +11% -0.2pt -75% -0.1pt +9% -0.3pt Operating margin (1) (M ) % of sales Other income & expenses (M ) % of sales Operating income (M ) % of sales 617 6.4% (27) -0.3% 590 6.1% 704 6.5% 0 0.0% 704 6.5% +14% +0.1pt na +0.3pt +19% +0.4pt (35) (42) -20% Cost of net debt (M ) (67) (71) +6% (18) (18) = Other financial expenses (M ) (32) (35) +9% (12) (2) -83% Associates (M ) (1) 2 na 264 298 +13% Income before taxes (M ) 490 600 +22% (57) 21% 0 (10) 197 4.1% (71) 24% (1) (17) 209 3.8% +25% +3pts na -70% +6% -0.3pt Taxes (M ) Effective tax rate Non strategic activities(m ) Minority interest and others(m ) Net income (M ) % of sales (104) 21% (2) (19) 365 3.8% (148) 25% (1) (24) 427 3.9% +42% +4pts -50% +26% +17% +0.1pt 2.63 2.78 +6% Earning per share ( ) 4.86 5.67 +17% February 22, 2012 I 30
EBITDA(4) of 1,212 m at 11.2% of sales Powertrain impacted by rare earth & temporary capacity shortages FY-11 M & % of sales 11.9% 11.2% Comfort & Driving Assistance % of sales 12.2 % Powertrain % of sales 8.6% Thermal % of sales 11.4% 9.1% 8.9% Visibility % of sales 10.9% 792 670 1,150 1,212 14% 12% 10% 2008 2009 2010 2011 8% 6% 4% 2008 2009 2010 2011 February 22, 2012 I 31
Free cash flow(2) generation of 232 m February 22, 2012 I 32
Capex of 717 m to sustain order intake Asia & emerging countries, 59% of 2011 investments Capex excl. capitalized R&D (% of sales) 3.3% 5.0% M +53% 717 468 325 Capex excl. capitalized R&D 540 143 Capitalized R&D 177 2010 2011 Capitalized R&D (% of sales) 1.5% 1.6% FY-10 FY-11 2010 2011 February 22, 2012 I 33
Net financial debt at 523 m post Niles acquisition, capex, dividend and share buy-back H2-10 H2-11 FY-10 FY-11 586 610 EBITDA (4) (M ) 1,150 1,212 (1) (18) Operating working capital (M ) 31 (29) (18) (25) Restructuring & social costs (M ) (72) (52) (86) (110) Other operational items (inc. taxes) (M ) (118) (233) (245) (359) Capex (inc. capitalized R&D) (M ) (464) (666) Taxes: (169) m Pensions: (52) m 236 98 Free cash flow (5) (M ) (before interest payments) 527 232 (9) (15) Interest (M ) (52) (57) (28) (127) Other financial items (M ) (35) (402) 199 (44) Net cash flow (6) (M ) 440 (227) 278 523 Net financial debt (7) (M ) 278 523 February 22, 2012 I 34
Strong balance-sheet February 22, 2012 I 35
Strong financial structure Keeping our investment grade status as a high priority Net financial debt (7) over EBITDA (4) Net debt (M ) EBITDA (4) 12 months rolling (M ) 1,150 Shareholders equity and net debt Net debt (M ) Shareholders equity (M ) excluding minority interests 1,212 1,936 1,708 1,233 722 670 722 278 523 278 523 Gearing 59% Gearing 16% Gearing 27% Dec. 2009 Dec. 2010 Dec. 2011 Leverage 1.1x Dec. 2009 Leverage 0.2x Dec. 2010 Leverage 0.4x Dec. 2011 Covenant net financial debt / EBITDA of 3.25 February 22, 2012 I 36
Active debt management and new debt profile As of January 31, 2012 Liquidity secured by Undrawn credit lines: 1,1 bn Weighted Average Maturity: 3,30years Long term debt management New bond issue 500 M - May 2018 Repurchase 2013 - Total 289 M New bond issue 500 M - January 2017 Syndicated loan 250 M - June 2016 2500 in M 2250 2000 1750 1500 1250 1000 750 500 250 311 M June 2013 56 M /year 2013 / 2014 76M 2015 / 2016 20M 2017 / 2018 250M June 2016 Swap in JPY 500M Jan. 2017 500M May 2018 0 cash and cash equivalents (31/ 12/ 2011) Undrawn credit lines (31/ 01/ 2012) sho rt term debt (31/ 12/ 2011) 2013 2014 2015 2016 2017 2018 EMTN BEI financing Syndicated loan February 22, 2012 I 37
Proposed dividend payment of 1.40/share, up 17% Reflecting strong fundamentals 2011 dividend of 1.40/share proposed at the next Shareholders Meeting 2010 2011 EPS 4.86 5.67 Dividend 1.20 1.40 Payout ratio 25% 25% February 22, 2012 I 38
Second successive year of ROCE(2) > 30% February 22, 2012 I 39
Second successive year of ROCE > 30% ROCE(2) & ROA(3) at 31% and 19% respectively FY-10 FY-11 Total sales 9.6 bn 10.9 bn Operating margin(1) Capital turnover* ROCE(2) ROA(3) 6.4% 5.0 32% 19% 6.5% 4.9* 31% 19% * Proforma full year in closing perimeter February 22, 2012 I 40
Outlook February 22, 2012 I 41
Outlook Based on: 3% to 4% growth in global automotive production despite a 5% decline in European production RM prices at current levels 2012 guidance: OE sales growth higher than production in the main regions 2012 operating margin level (in million euros) in the same magnitude of the prior year February 22, 2012 I 42
Contact Investor Relations Thierry Lacorre 43, rue Bayen F-75848 Paris Cedex 17 France Tel.: +33 (0) 1.40.55.37.93 Fax: +33 (0) 1.40.55.20.40 E-mail: thierry.lacorre@valeo.com Web site: www.valeo.com February 22, 2012 I 43
Share Information Share Data Bloomberg Ticker Reuters Ticker ISIN Number Shares outstanding as per 31.12.2011 FR FP VLOF.PA FR 000130338 78,628,798 ADR Data Ticker/trading symbol CUSIP Number Exchange Ratio (ADR: ord) Depositary Bank Contact at J.P. Morgan ADR broker relationship desk VLEEY 919134304 OTC 1:2 J.P. Morgan Jim Reeves +1 212-622-2710 February 22, 2012 I 44
Glossary (1) Operating margin corresponds to operating income less other income and expenses (2) ROCE corresponds to operating margin/capital employed less goodwill calculated over the last 12 months (3) ROA corresponds to operating income/committed capital plus goodwill (4) EBITDA corresponds to operating income before amortization of tangible and intangible assets and depreciation. (5) Free cash flow corresponds to net operating cash flow less net disbursements on tangible/intangible assets. (6) Net cash flow corresponds to free cash flow less financial expenses and after taking into account the payment of dividends and financial flows relating to mergers and acquisitions. (7) Net financial debt includes all long-term financial debts, short-term credits and bank overdrafts, less loans and other long-term financial assets, cash and cash equivalents February 22, 2012 I 45
Back-up February 22, 2012 I 46
H2 and Q4 2011 sales In M and YoY variation Q4-10 Q4-11 like-for-like H2-10 H2-11 like-for-like 2,066 82% 2,435 85% +18% +10% Original Equipment % of sales 3,995 82% 4,697 85% +18% +12% 363 15% 357 12% -2% -2% Aftermarket % of sales 723 15% 693 13% -4% -2% 74 3% 80 3% +8% +6% Miscellaneous % of sales 127 3% 144 3% +13% +12% 2,503 2,872 +15%* +8% Sales 4,845 5,534 +14%** +10% *Perimeter : +6.2%, currencies + 0.2% **Perimeter : +4.5%, currencies -0.8% February 22, 2012 I 47
Quarterly information in million Sales by segments Comfort and Driving Assistance Q1-10 Q2-10 Q3-10 Q4-10 Q1-11 Q2-11 Q3-11 Q4-11 408 440 418 438 481 489 567 620 Powertrain Systems 636 708 625 714 767 782 743 834 Thermal Systems 693 754 735 751 783 776 777 804 Visibility Systems 591 595 547 621 664 640 597 648 Total sales 2,309 2,478 2,342 2,503 2,669 2,665 2,662 2,872 OE & aftermarket sales Q1-10 Q2-10 Q3-10 Q4-10 Q1-11 Q2-11 Q3-11 Q4-11 OE Sales 1,898 2,059 1,929 2,066 2,263 2,247 2,262 2,435 Aftermarket 351 371 360 363 361 358 336 357 Miscellaneous 60 48 53 74 45 60 64 80 Total sales 2,309 2,478 2,342 2,503 2,669 2,665 2,662 2,872 February 22, 2012 I 48
Half year P&L 2009 2010 2011 (in million) H1 H2 H1 H2 H1 H2 Total sales 3,472 4,027 4,787 4,845 5,334 5,534 Gross margin 453 685 856 879 916 927 as % of sales 13.0% 17.0% 17.9% 18.1% 17.2% 16.8% R&D expenditures (234) (239) (267) (270) (285) (276) Selling & administrative expenses (270) (262) (297) (284) (286) (292) Other income & expenses (37) (12) (31) 4 (1) 1 Operating income (88) 172 261 329 344 360 as % of sales -2.5% 4.3% 5.5% 6.8% 6.4% 6.5% Cost of net debt (21) (39) (32) (35) (29) (42) Other financial income and expenses (37) (20) (14) (18) (17) (18) Equity in net earnings of associates (40) 6 11 (12) 4 (2) Income before income taxes (186) 119 226 264 302 298 Income taxes (26) (53) (47) (57) (77) (71) Income from continuing operations (212) 66 179 207 225 227 Non-strategic activities 1 (1) (2) 0 0 (1) Net income for the period (211) 65 177 207 225 226 Minority interest (2) (5) (9) (10) (7) (17) Net income (213) 60 168 197 218 209 February 22, 2012 I 49
Half year segment information H1-10 and H1-11 (in m) First-half 2011 Comfort and Driving Assistance Systems Powertrain Systems Thermal Systems Visibility Systems Others TOTAL Net sales segment (excluding Group) 956 1 537 1 545 1 284 12 5 334 intersegment (Group) 14 12 14 20 (60) - EBITDA 107 164 173 140 18 602 Research & Development expenditure, net (72) (71) (79) (65) 2 (285) Investments in property, plant and equipment and intangible assets 88 97 56 66 1 308 Segment assets 897 1 186 997 907 22 4 009 First-half 2010 (in m) Comfort and Driving Assistance Systems Powertrain Systems Thermal Systems Visibility Systems Others TOTAL Net sales segment (excluding Group) 832 1 333 1 437 1 174 11 4 787 intersegment (Group) 16 11 10 12 (49) - EBITDA 100 131 193 135 5 564 Research & Development expenditure, net (69) (74) (67) (63) 6 (267) Investments in property, plant and equipment and intangible assets 60 60 36 42 2 200 Segment assets 832 1 166 1 043 972 36 4 049 February 22, 2012 I 50
Half year segment information H2-10 and H2-11 (in m) Second-half 2011 Comfort and Driving Assistance Systems Powertrain Systems Thermal Systems Visibility Systems Others TOTAL Net sales segment (excluding Group) 1 168 1 562 1 565 1 227 12 5 334 intersegment (Group) 19 15 16 18 (68) - EBITDA 157 104 186 139 24 610 Research & Development expenditure, net (81) (59) (75) (59) 2 (276) Investments in property, plant and equipment and intangible assets 121 129 61 90 8 409 Segment assets 1 321 1 407 1 068 979 25 4 800 Second-half 2010 (in m) Comfort and Driving Assistance Systems Powertrain Systems Thermal Systems Visibility Systems Others TOTAL Net sales segment (excluding Group) 843 1 327 1 473 1 152 50 4 845 intersegment (Group) 13 12 13 16 (54) - EBITDA 96 166 174 129 21 586 Research & Development expenditure, net (71) (72) (66) (58) (3) (270) Investments in property, plant and equipment and intangible assets 67 98 52 47 4 268 Segment assets 862 1 170 1 033 929 36 4 030 February 22, 2012 I 51
Highlights by segment FY-10 and FY-11 (in m) FY-2011 Comfort and Driving Assistance Systems Powertrain Systems Thermal Systems Visibility Systems Others TOTAL Net sales segment (excluding Group) 2 124 3 099 3 110 2 511 24 10 868 intersegment (Group) 33 27 30 38 (128) - EBITDA 264 268 359 279 42 1 212 Research & Development expenditure, net (153) (130) (154) (124) - (561) Investments in property, plant and equipment and intangible assets 209 226 117 156 9 717 Segment assets 1 321 1 407 1 068 979 25 4 800 (in m) FY-2010 Comfort and Driving Assistance Systems Powertrain Systems Thermal Systems Visibility Systems Others TOTAL Net sales segment (excluding Group) 1 675 2 660 2 910 2 326 61 9 632 intersegment (Group) 29 23 23 28 (103) - EBITDA 196 297 367 264 26 1 150 Research & Development expenditure, net (140) (146) (133) (121) 3 (537) Investments in property, plant and equipment and intangible assets 127 158 88 89 6 468 Segment assets 862 1 170 1 033 929 36 4 030 February 22, 2012 I 52
Safe Harbor Statement Statements contained in this press release, which are not historical fact, constitute Forward- Looking Statements. Actual results may differ materially due to numerous important factors and risks to which Valeo is exposed. Such factors include, among others, the Company s ability to generate cost savings or manufacturing efficiencies to offset or exceed contractually or competitively required price reductions. Risks to which Valeo is exposed include, in particular, risks relating to the antitrust investigations described above, conditions in the automotive industry and certain global and regional economic conditions, as well as risks and uncertainties set out or developed in published documents that Valeo files with the French financial markets authority (Autorité des marchés financiers AMF), including those listed in the "Risk Factors" section of the Registration Document filed with the AMF on March 29, 2011 (under number D.11-0191). The Company assumes no responsibility for any estimates issued by analysts or any other information prepared by third parties to which we may refer in this press release. Valeo does not intend or assume any obligation to review or to confirm the estimates issued by analysts or to update any forward-looking statement to reflect events or circumstances after the date of this press release. February 22, 2012 I 53